Queen seeks new Keeper of Purse

Applications have been invited for the job of looking after one of the biggest fortunes in the world.

The Queen is looking for a new Keeper of the Privy Purse. Yesterday she used a national newspaper to advertise the most senior position in the royal household for the first time. The brief job description said it was a "unique" role and stressed the successful applicant would be in charge of managing "a department and considerable funds".

The new Keeper will replace Sir Michael Peat, known as "the axeman" for his cost-cutting measures. These have included slashing the royal electricity bill by £3 million by installing double glazing and cutting the royal travel bill from £17 million a year to £5.4 million.